Elevance Health Inc. (NYSE: ELV) is committed to expanding its at-home care offerings as the insurer solidifies its growth plans for 2022 and beyond.
By scaling myNEXUS programs around the country, Elevance hopes to be on the right side of health care by giving patients access to services in the most appropriate setting.
“Certainly, home is a critical component in that regard,” Peter Haytaian, executive vice president of Elevance Health and president of Carelon, said during the company’s Q2 earnings call. “I think [that’s clear] when you look at our acquisition of myNEXUS and its focus on the home through utilization management tools and capabilities, and partnering with a very vast network of providers.”
Elevance CEO Gail Boudreaux said the insurer, which formerly operated as Anthem, has plans to scale myNEXUS’ new post-acute care program, which serves Medicare patients in Indiana, to all of the company’s markets within a year.
Elevance acquired myNEXUS — a convener that manages home-based care for payers — in 2021.
“Enabling providers with better technology and tools, myNEXUS will help optimize appropriate levels of care post-inpatient discharge, delivering a much better patient and provider experience, while having a positive impact on our health plans and driving growth for Carelon,” Boudreaux said during the call. “Over the next six to 12 months, we expect to scale the post-acute care product to all of the Elevance Health Medicare markets.”
Carelon, Evelance’s new provider services wing, will benefit from the myNEXUS program and allow providers to easily make requests for services with the ultimate goal to “facilitate a safe discharge to the home for patients,” Haytaian said.
Home care continues to be a space Elevance is interested in, Haytaian said. Another example of how the insurer is finding its way into the home is through Aspire, a palliative care service provider.
“Strategically, in the short-term, we’ve been looking actively for natural extension opportunities with regard to the assets we have and a great example of that is the [myNEXUS expansion plans]Haytaian said. “On a longer-term basis … we do continue to evaluate further opportunities in terms of direct care that can be provided in the home and delivering that value to all our Elevance Health plans and ensuring patients get the right level of care.”
Elevance reported $1.65 billion in net income for the second quarter of 2022, down 8.4% from $1.8 billion in the second quarter of last year.
Despite the slight dip, Elevance remains on track to produce double-digit organic growth in its individual M&A business. Boudreaux said the company now has 47.1 million members, an increase of 2.7 million — or 6.1% — compared to the Q2 of 2021.
As the insurer continues to grow, executives said that focusing on Medicare Advantage will also continue to be one of its priorities.
“Long term, our focus and our perspective on Medicare Advantage remains unchanged,” Felicia Norwood, president of Elevance’s government business division, said. “This is a very attractive segment for us and it is strategically important with us and our Carelon services as well. We’re committed to continuing to deliver strong growth in our business.”